![]() ![]() The deed must have words of conveyance, such as, “I hereby grant and convey …”.If the grantor would like to give property to someone, there still needs to be a nominal payment from the grantee to make this legal. There must be a consideration, which is the price paid for the property.Note that the grantee does not need to be of legal age or sound mind. The grantor must be identified, of legal age, and of sound mind.There are several requirements for any deed, including the general warranty deed, to be valid: ![]() The covenant of further assurance means that if demanded by the buyer, the seller must produce any additional documents necessary to fix any defects in the chain of title. The covenant of warranty forever assures that the title is good and makes the grantor responsible to pay to clear up any future title issues that might come up. ![]() The covenant against encumbrances is the seller’s guarantee that there are no liens, deed restrictions, easements, encroachments, or licenses associated with the property that were not specifically disclosed to the buyer. The covenant of quiet enjoyment assures the buyer that once they buy the property, no one can later claim ownership rights. You can’t, for example, buy real estate from someone who has no right to sell it. The covenant of seisin means that the seller really does own the property. To fully understand a general warranty deed, you need to understand all the covenants. Title protection under a general warranty deed is guaranteed by several covenants: The warranty deed may say it is subject to easements and restrictions of record, such as a mortgage, subject to building and zoning requirements, such to conditions that an accurate survey may show, or other exceptions. The warranty deed must be reviewed to see whether exceptions are listed on the warranty deed. With a general warranty deed, unless there are exceptions listed on the deed, the grantor fully guarantees (or warrants) that the property being sold has a clear chain of title with no outstanding liens or encumbrances. The general warranty deed, which many people simply call a “warranty deed,” offers the greatest protection to the buyer (otherwise known as the grantee), and puts the greatest liability on the seller (otherwise known as the grantor). – Covenant Deed, Grant Deed, Confirmation Deed, etc), but the functions served by each deed type are more or less consistent, even if known by a different name. Note: In some states, these types of deeds may be known by different names (e.g. Each type has different use cases and levels of protection. Unless there are exceptions listed on the deed, the grantor fully guarantees (or warrants) that the property being sold has a clear chain of title with no outstanding liens or encumbrances.Ī deed is a document used by a property owner (or grantor) to transfer their title and ownership of a property to someone else (the grantee). This deed offers the greatest protection to the buyer (grantee) and puts the greatest liability on the seller (grantor). With a warranty deed (also known as general warranty deed), the seller is giving the buyer their “warranty” (i.e., guarantee/promise) that the title to the property is free and clear and the buyer will receive all reasonable rights to the property. This type of deed should only be used when the seller knows for a fact that the property’s title is clear of any liens, encumbrances, or other title defects. The main differences between deed types are the covenants, or promises, made within the deed. A deed signifies that one person or entity is giving up ownership of a property to another person or entity. When you’re buying or selling property, you’ll want to know what a deed is, and you’ll be especially interested in the warranty deed, which is the most common type of deed used in real estate transactions.Ī deed is simply a written instrument whereby a property owner (or grantor) transfers title to someone else (the grantee). ![]()
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